Small businesses are the backbone of the American economy, creating more than 70% of all new jobs in the United States. Prior to serving in Congress, Patrick McHenry was a small businessman. He understands the issues that affect the success or failure of these ventures. In the 114th Congress, he introduced HR 1839 – the Reforming Access for Investments in Startup Enterprises Act of 2015.
First, we need to have a system of taxation that encourages investment and entrepreneurship. Currently, small businesses are penalized by the tax code, costing us jobs and opportunity for growth. Congressman McHenry supports a permanent repeal of the death tax – which disproportionately affects small businesses and family farms.
Small businesses are also impacted by the rising cost of providing health care to employees. Congressman McHenry also supported HR 1624 - the Protecting Affordable Coverage for Employees Act – which exempts businesses with 51 to 100 employees from being subjected to Obamacare.
While lawsuit abuse increases the cost of healthcare, it also puts small businesses at risk of being named in frivolous lawsuits. As a result, small businesses are less willing and able to provide benefits and job security to employees.
Federal regulations are tilted in favor of big corporations, making it virtually impossible for small businesses to compete with larger entities. These small businesses need help, not complex regulations that make compliance expensive and time-consuming. Only by leveling the playing field can we help small business grow, prosper, and create jobs.